IMARC Group’s new report, titled “US Healthcare Advertising Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2021”, finds that the US healthcare advertising marketreached a value of around US$ 407 Billion in 2016, growing at a CAGR of more than 4% during 2009 – 2016. Currently, the United States has the highest per capita expenditure on healthcare globally. In line with this, healthcare advertising is becoming increasingly important in the country for creating awareness about various diseases and health issues. It also contributes in informing the consumers about the drugs and procedures required for treatment. Unlike advertising in other industries, healthcare advertising has multiple layers of regulation.
Highlights of the US healthcare advertising market:
- Prevalence of social media in the lives of people remains the key market driver for the US healthcare advertising market.
- Detailed advertising is the preferred channel of healthcare advertising.
- Increased competition in the market has led to huge investments in the direct-to-consumer mode of advertising.
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The pace of healthcare spending is expected to accelerate rapidly in the United States owing to numerous factors. With the innovation of new drugs in the country, there is a need for different and effective ways of their promotion. Further, the presence of generic drugs has forced many pharmaceutical companies to embrace new business strategies and advertise their products. In this era of digitisation, healthcare corporations are also digitally transforming themselves which has further led to the introduction of electronic health records, telemedicine and remote medical monitoring systems. Along with this, mobile advertising has emerged as a popular channel for advertising since it offers improved personalization, and marketers see the platform as a way to optimize consumer targeting. Additionally, government’s support to direct-to-consumer (DTC) advertising, which aims towards the end patient rather than healthcare professionals, has further boosted the US healthcare advertising market. Owing to the aforementioned factors, the market is expected to reach a value of USD 450 Billion by 2021.
The market has been segmented on the basis by product type, including pharmaceuticals (small molecule drugs), biopharmaceuticals, vaccines and over-the-counter drugs. Amongst these, pharmaceutical advertising represents the largest segment. On the other hand, biopharmaceutical advertising is the fastest growing segment. On analysing the competitive landscape of the market, it is found that Johnson & Johnson, Pfizer, Merck & Co, GlaxoSmithKline, Novartis and Ely Lilly are some of the major players operative in the market.
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The report by IMARC Group has examined the US Healthcare Advertising Market on the basis of:
- Pharmaceuticals (Small molecule drugs)
- Over-the-counter drugs
- Johnson & Johnson
- Merck & Co.
- Eli Lilly
- Bayer HealthCare
- Bristol- Myers Squibb
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